Process for name taking off a mortgage

Claire_lou

Hi All,

Has anyone ever had any experience with removing a name off a joint mortgage?
Could you give me any advice on the process to do so?

It’s my name coming off the house and the finance side of things will be sorted but just need to understand what we need to actually do.

We are almost at the end of our current mortgage deal so my now ex partner is currently lining up a mortgage to take on the house but what else do we need to do to finalise this? How does it work in terms of the physical taking my name off?

ACG

You can either ask the current lender to take you off, it will almost feel like a new application for the person remaining as they will be assessed as a stand alone applicant, or you can do a single application with a new lender.

The legal process is a transfer of equity. Where a remortgage usually includes free legals, the transfer of equity will still cost and will be in the region of £300-500, I have seen it done for as little as £200.

Claire_lou

Hi, thanks for your post. I dont believe he will be using the same lender as he’s perhaps limited to options as the mortgage alone for him is a stretch. Plus our mortgage currently comes to an end in December so can in theory swap anyway to anyone else. It’s just the legal side of things to get name off the house and how that ties to the mortgage?

Thrugelmir

A solicitor will be required to handle the transaction. To minimise costs using the one appointed to handle the remortgage is the best option. You and your ex simply need to jointly instruct the solicitor as to what is to happen to the equity in the property, i.e. how it is to be divided.

Jenniefour

Your partner needs to make sure he can get a mortgage by himself first. Only then will you be able to get your name off the house and joint mortgage.

Worth finding a good broker for, especially as you think his options might be limited.